Will 2025 be the 'year of delivery' in Dubai realty?
For Dubai's real estate market, 2025 could well be marked as the 'Year of Delivery', as close to 42,000 units are slated to be delivered this year, according to projections.
This is almost 35 per cent higher than the 27,541 homes delivered last year. In fact, predictions show that next year, another 60,000 units are likely to be delivered.
Currently, a total of 1,180 real estate projects are under construction in Dubai, with 325,546 residential units under development.
However, developers do not see this as likely to result in any softening of overall market. 'The real estate sector in Dubai remains robust due to sustained high demand from all over the world. In addition, population is nearing to four million in city of Dubai,' Vir Vijay Doshi, CEO of Vincitore Group, told Khaleej Times in an interview.
Dubai real estate transactions were valued at Dh761 billion last year, including Dh526 billion in buying, selling, and mortgages.
Vincitore Real Estate recently delivered Vincitore Benessere, being billed as Dubai's first wellness luxury residential project. Located in Arjan, next to Dubai Miracle Garden, the project includes 380 residential units and 39 retail units. 'In addition to this, we are on track to deliver another exciting project by the end of the year, further expanding our portfolio and contributing to the ongoing growth of the real estate sector,' Doshi said. Vincitore expects to launch projects worth Dh5 billion this year, he added.
While the development cycle can come with its challenges, Vincitore has a streamlined process. 'We launch projects, they get sold out quickly, and parallelly we proceed with construction and delivery. Of course, factors like shortage of supplies and manpower, and ensuring quality control can sometimes present challenges, but with the strong support we receive from the government, these obstacles are managed effectively. The government's continued support is invaluable in helping developers maintaining momentum and deliver successful projects,' Doshi said.
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